are mortgage payments always due on the 1st of the month or does it depend on the time of the closing?

Answer 1

you might be able to work it out with the bank or whoever your mortgage is with, to make your payments due date toward the middle of the month.

I'm not sure if that is what it's based on or if it's always the first but you can always call and ask, and if is the first and you don't want that you can always see if they can change the due date of your Mortgage, worse thing they can say is no.

Answer 2

I don't have a mortgage but I don't believe its always on the first of the month. It might depend on the closing. However, you can sometimes ask the lender to make sure your payments are due at a certain time during the month. This is usually not a problem. For example, I've changed my billing cycles on things like credit cards, cell phones, etc.

Answer 3

I've sat through endless closings with real estate clients and have many times heard the question asked "Is the first of the month OK for a payment date, or would you prefer another?"

From that I would venture that the first is standard, but other dates can be arranged.

Answer 4

Time of closing will only change how much your payoff is on any previous loans, and the amount of prepaid interest on your new loan. this prepaid interest makes it so your payment is always due on the 1st... you will usually have until the 15th before you are assessed a late fee though.

"acermill" is correct if the loan is a home equity loan.

Answer 5

Its almost always a due on the 1st with a 15 day grace period.

People can arrange for other due dates under special cicumstances, but normally it would be due on the 1st.. and they give you two weeks without penalty. Although I would always have it on the 1st if you can.